The federal EB-5 program was created to entice foreign investors to open businesses in the United States. When it is utilized, the United States receives an economic boost and the investors receive a green card, allowing conditional residency for individuals investing between $500,000 and $1 million in a new commercial enterprise.
Similarly, the Canada Immigrant Investor Program, offers business people the opportunity to migrate to Canada with their families. Investors are required to make a CD$800,000 investment, managed by Citizenship and Immigration Canada (CIC) and guaranteed by the Canadian provinces. The program is used to create jobs and help provincial economies grow. The CIC returns the investment, without interest, five years and two months after payment. The program is so popular that it is currently closed until July 1 of this year, due to the number of applications. While the EB-5 program provides temporary, conditional U.S. residency, the Canada IIP provides unconditional residency to the investor and his/her family.
Many U.S. officials are ignorant of the EB-5 program, even though it was established over 20 years ago, while Canada is active in its Immigrant Investor Program, using it to fund projects throughout the country.
The United States should take a cue from Canada, the authors says. The EB-5 program has a similar ability to have a significant positive impact on the United States. The problem is that government officials have not been properly educated about it.